Why Afterpay, ResMed, Temple & Webster, & Worley shares are dropping lower

Afterpay Ltd (ASX:APT) and ResMed Inc. (ASX:RMD) shares are two of four dropping notably lower today…

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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. At the time of writing, the benchmark index is down 0.4% to 6,578.7 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping lower:

Afterpay Ltd (ASX: APT)

The Afterpay share price is down 2.5% to $131.53. Investors have been selling Afterpay and other tech shares today after their US counterparts dropped lower on Friday night. The technology-focused Nasdaq index tumbled 2% to extend its weekly decline to over 3%. The S&P/ASX All Technology Index (ASX: XTX) is down 2% at the time of writing.

ResMed Inc. (ASX: RMD)

The ResMed share price is down 3.5% to $26.24. This morning analysts at Morgan Stanley retained their neutral rating but trimmed the price target on the medical device company’s shares to $27.40. It believes that COVID-19 related ventilator sales have now peaked and that its shares are fully valued at the current level.

Temple & Webster Group Ltd (ASX: TPW)

The Temple & Webster share price has tumbled 8% lower to $10.53. This is despite there being no news out of the online furniture and homewares retailer. However, with its half year results due to be released tomorrow, some investors may be nervous that it may not live up to the market’s lofty expectations.

Worley Ltd (ASX: WOR)

The Worley share price has crashed 15% lower to $9.72. This follows the release of a trading update this morning which revealed that COVID-19 has had a big impact on its first half performance. Combined with foreign exchange headwinds, Worley expects aggregated revenue to be in the range of $4.4 billion to $4.5 billion for the first half. Underlying EBITA is expected to be between $200 million to $210 million. This is down from $5,998 million and $366 million, respectively, a year earlier.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Temple & Webster Group Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended ResMed Inc. and Temple & Webster Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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